At last month's Austrian Economics Research Conference, we were honored to be joined by Kevin Dowd, an Emeritus Professor of Economics at Nottingham University. Dowd presented a blistering critique of modern central bankers and their mania for monetary stimulus. In this excerpt from his talk, he explains how policies like negative interest rates not only reflect bad economic thinking, but also pose a danger to the civil liberties. What will the Fed and European Central Bank do next, if ersatz economic growth cools in a period of rising interest rates? Don't miss this masterful explanation of how central banks destabilize and distort every aspect of the economy.
Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.
Kevin Dowd is professor of finance and economics at Durham University in the United Kingdom. He is a lifelong libertarian and his thinking is heavily influenced by Austrian and Public Choice economics. His main areas of interest are free banking, central banking and private money. Dr. Dowd is an adjunct scholar at the Cato Institute, research fellow of the Independent Institute, senior fellow of the Adam Smith Institute (London) and of the Cobden Centre for Honest Money and Social Progress, and member of Economists for Free Trade (formerly Economists for Brexit). Among his books, he is editor (with Richard Timberlake) of the book, Money and the Nation State: The Financial Revolution, Government, and the World Monetary System.